Lovisa (ASX:LOV) temporarily shuts stores in Australia, NZ and South Africa

Company News

by Rachael Jones

Jewellery store Lovisa (ASX:LOV) has decided today to temporarily shut stores in Australia, New Zealand and South Africa.

Stores in France, Spain, Malaysia, the USA and UK have all been closed over the course of the past week.

Singapore is the only company owned market currently continuing to trade.

Whilst some governments have provided timing for the current containment measures to end, we are not currently in a position to know when our stores will be able to re-open.

They have implemented a combination of temporary stand-downs and redundancies to ensure teams are appropriately sized to support the temporarily much smaller business during this period.

Dividend payment has been deferred for a period of 6 months.

Shares in Lovisa (ASX:LOV) are trading 9.64 per cent higher at $4.21.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.